21 Nov 2024

The battle of the switcher

Moneyfacts research has shown that there has been an increasing amount of switcher incentives introduced in the last few weeks.

High street lenders including Halifax, HSBC and Santander have all launched deals to attract new customers, offering a cash payment or interest-free overdrafts.

In light of this customers need to be aware of the current switching deals on offer when assessing whether to move their main current account as well as all other features to decide if it is suitable.

This table shows the current switcher incentives on offer from some of the main lenders.

Lender	Account	Switcher cash payment	Switcher interest free authorised overdraft	Switcher AER credit interest
Barclays Bank	Bank Account	-	0% for 12 months	-
first direct	1st Account	£100 paid in 3 months	-	-
Halifax	Reward Current Account	£100	Interest and fee free for 120 days	-
HSBC	Bank Account	£10 if any direct debit missed	0% for 12 months	6% for 12 months
Nationwide Building Society	FlexAccount	£100*	0% for 3 months	-
Santander	Preferred Current Account	Up to £300	Interest and fee free for 12 months	5% for 12 months
The Co-operative Bank	Current Account	-	0% from January to April 2012	-

*Payable if all Direct Debit companies not contacted within 10 working days.

Rachel Springall, spokesperson for Moneyfacts.co.uk, said:

“While it’s good to see lenders offering customers some exciting incentives, customers looking to move their main account have to assess all the areas to decide if it’s appropriate for them.

“When choosing a current account, customers need to decide its main purpose, whether it is for earning interest, an overdraft they can dip into at a low cost as well as considering the incentive package.

“Those already looking to move their current account could also be rewarded with a cash injection.

“Switcher offers tend not to stay around for long, so customers need to consider whether it’s a good time to move and if so, act quickly.”

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349